Airbnb, which has never made an annual profit, is now valued at over $100 billion. From Wikipedia: “On August 19, 2020, Airbnb announced that it had filed for an initial public offering. The company has been privately valued at $31 billion and is projected to be listed as a public company in mid-December 2020 at a targeted evaluation of between $30 and $33 billion.”
Door Dash, which has also never made a profit, and has lots of well-funded competitors (Grubub, Slice, Uber Eats, etc., plus various local delivery rivals), also soared in its IPO yesterday, closing yesterday at a valuation of over $70 billion.
Tesla, which CEO Elon Musk, no master of modesty, said was overvalued like 300% ago earlier this year, is hovering around $600 billion in valuation.
This is not normal.
Posted at 2:16 pm by David Bernstein 
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